Ingredients

12 oz can evaporated milk

14 oz can sweetened condensed milk

6 eggs

1 1/4 c water

1/8 tsp salt

1 tsp vanilla

1 cup sugar

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Preparation

Preheat oven to 350 and place water bath in oven.
Mix all but sugar, set aside
Make caramel: put sugar in large nonstick pan over med-high heat. After about 5 min sugar will start to melt - stir with heat resistant spatula until all dissolved and golden brown.
Pour into 9x5 loaf pan. Can tilt to coat sides and let cool, or pour in at once (caramel only on bottom).
Bake in water bath until toothpick inserted comes back clean (took 1 hr 20 min). Cool 1 hour. Can cool 45 min, put plastic on top and put in refrigerator. When ready to unfold, set pan in hot water for a few min, slide knife along sides, then invert on serving plate.